Standard Chartered Bank (Pakistan) Limited has announced profit before tax of Rs 4.9 billion in January-March 2016 with a growth of 15 percent.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending, thereby leading to a 5 per cent decrease from comparative period.
On the liabilities side, the bank’s total deposits grew by 5 per cent since the start of this year. The continuous increase in low cost deposits has significantly supported the bank’s performance with current and savings accounts comprising 93 per cent of the deposits base. This has resulted in the bank having one of the lowest cost of deposits in the industry.
On the advances side, there is positive momentum across all business segments and have grown by 10 per cent since start of the year. As the economic activity improves further, advances growth will pick-up.